Business Law Fundamentals

<p>Law, contracts, quasi-contracts, quasi-delicts, and acts or omissions punished by law. (B)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Fraud, negligence, default, and breach (D)</p> Signup and view all the answers

<p>The payment was made after the obligation has prescribed or become illegal. (C)</p> Signup and view all the answers

<p>The obligation is extinguished. (C)</p> Signup and view all the answers

<p>A motive is a personal reason for entering into a contract, while a cause is the objective legal reason for the contract's creation.</p> Signup and view all the answers

<p>Payment, performance, condonation, confusion, compensation, novation, prescription, rescission, and annulment (B)</p> Signup and view all the answers

<p>Consent, object, cause (B)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Law, contracts, and quasi-contracts</p> Signup and view all the answers

<p>The non-breaching party must accept the breach and continue to perform. (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Negotiorum gestio</p> Signup and view all the answers

<p>Executed, executory, and mixed contracts</p> Signup and view all the answers

<p>One party coerces the other into signing the contract. (B)</p> Signup and view all the answers

<p>It has absolutely no legal effect. (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

A rule of conduct, just and obligatory, promulgated by legitimate authority for the common observance and benefit.

Rules and principles governing relations between nations.

Governs the relationship between the state and its citizens.

Organizes and defines the authority of law enforcement officials, providing remedies for rights violations.

Deals with the structure and operation of governmental organs, and state-citizen relations.

Guaranties law's coercive power, governing the trials and punishments for crimes.

Organizes the family and regulates property, dealing with relationships among society members for private interest protection.

A body of law for commercial activities among individuals.

Prescribes the method of enforcing rights or obtaining redress for their invasion. (Also called Remedial Law.)

A legal requirement to give, do, or not do something.

The subject matter of an obligation; action or service required.

Obligation to give a thing.

Obligation to do or not do something.

Obligation to do something.

Obligation not to do something.

Obligation enforced by the courts.

Based on equity and natural law but not enforceable in court.

Not enforceable by law but based on conscience.

An unforeseeable or unavoidable event.

Failure to exercise the degree of care required.

Intentional act to deceive or evade a promise.

Failure to perform obligation at the expected time.

Obligation without conditions or time limit.

Obligation based on a future, uncertain event.

A legally binding agreement between two or more parties, creating mutual obligations.

A proposal made by one party to another, expressing willingness to enter into a contract under certain terms.

A clear, unqualified agreement by the offeree to the terms of the offer.

Something of value exchanged between parties in a contract, motivating each to agree.

The legal ability of a party to enter into a contract, such as being of sound mind and age.

When both parties understand and agree to the same terms of the contract.

The contract's purpose must be legal and not violate public policy or law.

A duty to act or refrain from acting, stemming from a contract or other sources.

A legal duty to perform a specific action.

A legal duty to refrain from doing something.

A legal duty involving financial payments or compensation.

The process of determining the parties' intended meaning and obligations from the words used in the contract.

Interpreting the words in a contract based on their usual and ordinary meaning.

Interpreting contracts to reflect what a reasonable person would expect the terms to mean.

A legal obligation imposed by courts to prevent unjust enrichment, even if no formal contract exists.

The failure of one party to perform their duty under the contract terms.

Financial compensation awarded to a party injured due to a contract breach.

Money awarded to compensate for actual losses directly caused by the breach.

A predetermined amount stated in the contract to be paid if a breach occurs.

Money awarded for indirect losses resulting from the breach.

A court order requiring a party to perform their obligation as stated in the contract.

Contract law applies to buying, selling, or exchanging goods, services, or assets.

Contract law governs the purchase, sale, or lease of property.

Contract law outlines the terms of employment between employers and employees.

Contract law applies to agreements between people in personal situations.

The origins from which legal duties arise, including contracts, quasi-contracts, laws, and torts.

A contract where the terms are explicitly stated and agreed upon.

A contract created through actions or conduct rather than written words.

Civil wrongs that cause harm to someone, leading to obligations to compensate.

Written laws passed by legislative bodies, creating obligations.

A valid contract needs a clear proposal (offer) from one party and a clear agreement (acceptance) from the other party. This must be communicated.

Both parties must agree freely to the terms of the contract. It should not involve coercion, deceit, or pressure.

The subject matter of the contract must be legal and valid. The purpose cannot go against public policy.

An obligation shared by multiple parties, where all of them are responsible collectively.

An obligation where each individual is fully responsible for the entire amount. One party's payment fully discharges the obligation.

An obligation that can be completed in parts or installments.

A major violation of the contract terms. This can justify ending the contract or suing for damages.

A less serious violation of the contract terms. It doesn't necessarily end the contract, but may allow for damages.

One party clearly shows that they will not fulfill their part of the agreement in the future.

Courts look at the situation around the contract, like what happened when it was made, to understand its intention.

The reason for the contract helps courts understand what the parties wanted to accomplish.

Duties are imposed by laws, rules, or regulations.

Duties arise from agreements between parties.

When someone breaks the law and causes harm, they have an obligation to pay damages.

Real-world examples of disagreements like breaches, questionable interpretations, or application of contract principles.

How real, personal, joint, solidary, and divisible obligations work in various business situations with legal examples.

When someone benefits unfairly at someone else's expense, quasi-contractual obligation steps in to fix the harm.

How to use essential contract principles like consideration, capacity, consent, breach, and remedies in actual problems.

How the severity of a breach affects the options for fixing wrongdoings or compensation.

A legally binding agreement between two or more parties, creating mutual obligations.

The thing of value exchanged by parties, like a promise or action, that motivates each to agree.

A failure to perform a duty under the contract, violating the agreement made.

Figuring out the meaning and obligations of the words used in the contract.

The origins of legal duties, including contracts, laws, and even situations where fairness is needed.